Archives of “March 1, 2022” day

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Nord Stream 2 owner reportedly considers insolvency after pipeline halt, sanctions

  
  Analysis

For some context, North Stream 2 AG is registered in Switzerland and owned by Russian gas giant Gazprom. The firm is said to be considering filing for insolvency, as it attempts to settle claims ahead of a US sanction deadline for other entities to stop dealings with it.

That just adds more drama to the saga after the pipeline did not even begin operating after the pending certification in Germany was put on hold as a result of the whole Russia-Ukraine situation.

US major indices close mixed. NASDAQ higher for the third day in a row

  
Analysis, US Market
  • The major US indices are closing mixed. The NASDAQ index close higher for the third consecutive day as did the Russell 2000. The S&P and Dow snapped their two day up streak.

A look at the close is showing:

  • Dow industrial average minus 168.72 points or -0.50% at 33890.02
  • S&P index -10.87 points or -0.25% at 4373.77
  •  NASDAQ  index +56.78 points or 0.41% at 1375.41
  • Russell 2000 up 7.156 points or 0.35% at 2048.08
  • Cathie Wood’s ARK Innovation rose $2.65 or 3.91% to $70.47. That index is up 22.4% from the low reached on Thursday (low was at $57.55 and closed today at $70.47 – up $12.92). That is the good news. The not so good news is the index fell from $125.86 to $55.50 ($-70.36)
  • Tesla rose 7.48% and it is up 24.38% from Thursday’s low. That low reached $700 before bouncing up and closing today at $870.43.
  • Crowdstrike Holdings rose $13.46 or 7.41% to $195.21. That cybersecurity stock rose along with Palo Alto Networks (+4.3%) and Fortinet (+6.02%) also in the cybersecurity space.

The lowlights today included the financials:

  • Deutsche Bank, -7.51%
  • Citigroup, -4.49%
  • JPMorgan -4.14%
  • Morgan Stanley, -4.05%
  • Goldman Sachs, -2.53%

Airlines were also lower:

  • Delta Airlines, =3.90%
  • United Airlines, -3.16%
  • Southwest Airlines, -2.99%

Nasdaq, NYSE have temporarily halted stocks of Russian based companies

  
  Analysis

The  Nasdaq  and NYSE have announced they will temporarily halt stock trading on Russian based companies listed on their exchanges. They site regulatory concerns following sanction on Russia.

  • India’s State Bank of India (SBI.NS), has stopped processing transactions involving sanctioned Russian entities. Tells it’s clients, it will not process any transaction with a sanctioned Russian entity irrespective of the currency.

On a company specific level, Shell intends to exit equity partnership with Russian Gazprom entities:

  • To exit joint venture with Gazprom and related entities, including its 27.5% stake in Sakhalin-ii-liquefied natgas facility
  • Intends to exit Nordstream 2 project

Their decision follows a similar one from BP and Total to exit their stakes in Russian owned oil/gas businesses.

The pressure continues from government and corporate entities alike.

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